Announcement
Vonovia SE confirmed its 2026 financial targets while revising its full‑year organic rent‑growth outlook to 4.0% from the previously indicated 4.2%, attributing the change to a more balanced implementation of the Berlin Mietspiegel.
2026 Guidance
The company kept its adjusted EBITDA guidance for 2026 at €2.95 billion to €3.05 billion, adjusted earnings before tax at €1.9 billion to €2.0 billion, and adjusted shareholder earnings at €1.4 billion to €1.5 billion.
First‑Half 2026 Performance
Total EBITDA for the first half of 2026 reached €1,457 million, representing a 2.4% year‑on‑year increase. Adjusted EBITDA generated from rental activities rose 3.5% to €1,269 million. Adjusted earnings declined 4.9% to €772 million, or €0.91 per share, a 7.7% drop versus the prior‑year period, driven by a €43 million rise in financial expenses and a €25 million increase in minority interests. Rental revenue for the period grew 3.4% YoY to €1,750 million, with like‑for‑like rental growth of 3.6%, down from 4.0% in the first quarter.
Berlin Rent Increase
Vonovia indicated that rents in Berlin will be raised by an average of 4.8%, which is below the approximately 6.9% increase implied by the latest Mietspiegel index.
Portfolio and Valuation
Portfolio values rose 1.1% on a like‑for‑like basis, delivering an €848 million valuation gain. EPRA net tangible assets per share stood at €46.22, unchanged year‑to‑date. Disposals in the first half amounted to roughly €700 million, including a €200 million Vesteda minority redemption, with about €400 million of disposals already closed.
Capital Structure
The loan‑to‑value ratio increased to 46.0% from 45.4% at year‑end 2025 following the dividend payment. Net debt to EBITDA rose to 14.0 times from 13.8 times. Vonovia reaffirmed its 2028 targets of net debt to EBITDA below 12 times, a loan‑to‑value around 40%, and an interest coverage ratio above 3 times. Vacancy remained stable at 2.3% in the first half.